The market opened with gusto and has been holding strong driven by broad-based buying interest. Today’s gains are concentrated in large and mega-cap names.

Technology (XLK) is the best performing sector driven by outsized gains in many semiconductor stocks like Micron (MU), Broadcom (AVGO), and Advanced Micro Devices (AMD). Three sectors are in the red with Industrials (XLI) lagging despite better-than-expected quarterly results of Boeing (BA), Masco (MAS) and GE Vernova (GEV).

Energy (XLE) sector is another sector leading with oil prices surging +4%. Surprisingly, the latest EIA inventories revealed an increase in crude oil inventories which suggests a weaker demand for crude oil than anticipated. This could cause a bearish pressure on crude prices.

MBA Mortgage Applications continued to climb, increasing +7.9% from +1.8% prior.

Demand for the 20-year bond was strong. The auction saw a bid-to-cover ratio of 2.68, reflecting solid demand relative to supply.

All eyes are on Tesla’s (TSLA) first quarter results, to be released after the bell today. Analysts will be waiting for more color on how the company is regaining momentum after a weaker-than-expected start of the year. Historically, the company has gapped up in four of the last 7 earnings reports.